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Gordon Construction Case Study And Analysis Help With Solution

Gordon Construction Case Study And Analysis Help With Solution

Case Study 1

(Learning Objectives 4, 5, 6: Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books; construct and use a trial balance) During the first month of operation of Gordon Construction, Inc., completed the following transactions:

June 2 -Gordon received $55,000 cash and issued common stock to the stockholders.

3- Purchased supplies, $3,000, and equipment, $5,200, on account.

4-Performed services for a client and received cash, $6,300.

7-Paid cash to acquire land, $37,000.

11-Performed services for a customer and billed the customer, $1,200. Johnson expects to collect within one month.

16-Paid partial for the equipment purchased June 3 on account $2,800.

17-Paid the telephone bill, $230.

18-Received partial payment from customer on account, $700.

22-Paid the water and electricity bills, $400.

29-Received $5,000 cash for repairing the pipes of a customer.

30-Paid employee salary, $4,300.

30-Declared and paid dividends of $3,000.

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• 4. The manager asks you how much in total resources the business has to work with and, how much it owes.

Case Study 1 (Part B)

Requirement 1

(Learning Objectives 3, 4: Adjust the accounts; construct the financial statements) Record the following month end adjusting entries for Gordon Construction, Inc. at June 30, 20xx

Month end accruals at June 30, 20xx:

• a. Accrued advertising revenue at June 30, $3,100. • b. Supplies used during June, $2,300. • c. Accrued salary expense at June 30 for Monday, Tuesday, and Wednesday. The five-day weekly payroll is $6,100 and will be paid on Friday.

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